Former World Trade Center leaseholder Westfield America Trust has agreed to sell its interest in the World Trade Center retail premises to the Port Authority of New York and New Jersey. Westfield will reportedly receive $140 million in return for its stake.

"We are selling our interests to the Port Authority to help simplify the overall process and expedite the rebuilding of the World Trade Center," said Westfield America CEO Peter Lowy. The agreement will be effective upon the expiration of the Port Authority's 10-day review period by the governors of New York and New Jersey.